Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Estate Planning in Melbourne, Australia involves the organization of a person's legal and financial affairs. This includes making plans for the distribution of assets upon death, as well as making arrangements for the management of affairs in case of incapacity. It covers various aspects such as creation of Wills, setting up Trusts, appointment of Executors, and legal advice about tax implications.
Estate Planning is a complex field involving intricate laws and regulations. A minor error can significantly impact the distribution of your estate. Lawyers specializing in this field can help you navigate through these complexities, ensuring all legal requirements are met. You may need a lawyer if you want to draft a Will, structure a Trust, understand taxation consequences, arrange future healthcare decisions or business succession planning, and for the proper execution and management of your estate.
In Melbourne, the key laws relevant to Estate Planning are the 'Wills Act 1997' and the 'Probate and Administration Act 1958'. Wills must comply with requirements outlined in these acts to be legally valid. The laws dictate how an Executor can distribute assets, procedures to challenge a Will, and rules for intestate cases (where the person dies without making a Will). Further, there are strict laws concerning Powers of Attorney and Guardianship issues, regulated under the 'Powers of Attorney Act 2014' and the 'Guardianship and Administration Act 2019'.
1. Can I prepare my own Will?
While you can technically prepare your own Will, it is recommended to consult an attorney due to the complexities of the law.
2. What happens if I die without a Will?
If you die without a Will (intestate), your assets will be distributed according to the rules defined by Victoria's intestate laws.
3. What is a Power of Attorney?
A Power of Attorney is a legal document that allows another person to make decisions on your behalf in case of physical or mental incapacity.
4. How can I contest a Will?
Wills can be contested under the 'Testator Family Maintenance Provision' in specific situations. Legal advice is strongly recommended in such instances.
5. Do I have to pay taxes on inheritance?
Australia does not have an inheritance tax. However, there may be capital gains or other tax implications on disposal or distribution of inherited assets.
'Justice Connect' provides online help for making a Will, while the 'Victorian Legal Aid' offers free legal advice. The 'State Trustees Victoria' provides services for Wills and estate administration. For a more comprehensive understanding of estate planning laws, the 'Law Institute of Victoria' has numerous resources.
If you require legal assistance in Estate Planning, the first step is to seek a qualified and experienced Estate Planning lawyer. Make sure you gather all relevant financial documents and have a list of your assets and liabilities ready in preparation for lawyer consultation. Don't hesitate to discuss with them all your wishes, concerns and any specific estate distribution instructions you might have.
